Finance
Setting financial goals helps you get what you want
It is the time of year when people all over the country are making resolutions to eat healthier, learn a new skill or become more organized.
One aspect that should be considered when making resolutions is to become more financially savvy, said Eileen St. Pierre, Oklahoma State University Cooperative Extension personal finance specialist.
“When it comes to being financially stable, it’s important to determine your goals,” St. Pierre said. “Make a written plan of what it is that you want and how to reach those goals. Whether your goals include a family vacation, purchasing a big-ticket item with cash, building a savings account, paying off credit card debt or setting money aside for a child to go to college, writing it down with ways to reach your goal is the first step in the right direction.”
It is a good idea for families to sit down and discuss the goals. What is important to one person may not be a priority for another. People’s view of money is different, even within the same family. It is vital for everyone to be on board for the same goals.
St. Pierre said while identifying and setting goals, make sure each one is realistic and worthwhile. Also, include a start and completion date for each goal and include both short- and long-term goals.
“Some of your goals may be able to be met within a few months. Other goals, such as saving for college or perhaps a new car, can take several years,” she said.
Because we live in a “must have it now” society, many people want more things that are beyond their basic needs.
This is where making choices based on a family’s goals are important. Do you really need to have a 60-inch flat panel television? It may be possible to meet some of those wants while still accomplishing all of the financial goals that have been set.
“By making goals specific, you’re better able to measure your progress. Seeing that you’re reaching your goal gives you a sense of accomplishment and is great incentive to keep up the good work,” she said.
“In addition, goals are easier to complete when a specific time frame is mapped out. If you don’t have a completion date, it can appear that the goal continues to be off in the distance. The success of seeing goals completed can stimulate more goal setting, future success and more self-confidence about handling money.”
Keep in mind that as times change, a family’s goals also may need to be adapted. Changes may occur in your financial situation. Income may increase or decrease and marital status can change. A divorce or death of a spouse can cause a financial plan to change.
“Remember that the method you use to set goals and the action plan to reach the goals doesn’t matter,” St. Pierre said. “What’s important is to develop a plan that works for you.”
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- Setting financial goals helps you get what you want
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